Asset Protection : Concepts and Strategies for Protecting Your Wealth

by ADKISSON

Strategies that are effective and legal for putting one’s assets safely out of reach In today’s increasingly litigious world, the shielding of assets has become a prominent issue for financial planners, business owners, and high-net-worth individuals. Asset Protection details methods that are both legally and morally legitimate for protecting one’s assets from creditors, lawsuits, and scams. Bringing economic common sense and legitimacy to an area that is drowning in gimmickry, two of today’s top lawyers examine the fundamental issues in this growing area, avoiding dense legalese to make the book accessible to anyone. Asset Protection covers everything readers want to know

Genres: Law, Reference

324 pages, Hardcover

First published June 18, 2004

Reviews

[James · Rating 4 out of 5]

Jay Adkisson is my voice of reason in the field. This is heavily researched brain food for asset protection. The rule of law is constantly massaged and altered as the courts challenge provisions, and I always feel safest turning to Jay for his interpretation. In particular the Albright 291 Rptr. 538 ruling in Colorado has alot of LLC attorneys spooked. I'm sure we'll be hearing from Jay soon on this one.

[Ionut · Rating 5 out of 5]

Loved this book. It provides an overview of asset protection strategies, how they differ by state and how they integrate overall into your estate planning strategy. The authors actually make the point that strategies that are considered good for estate planning purposes might not make sense for asset protection purposes. Consequently, the laws of some states are better for asset protection purposes (Florida, Texas have some of the broadest homestead protection laws) while others are better for estate planning purposes (Washington, California have community property laws that are a bad idea from an asset protection viewpoint but have estate planning benefits like full step up in basis).

The book goes over different types of trusts. Again, estate planning and asset protection conflict here. The book is detailed enough to understand the processes involved in setting up different types of trusts yet it's not a do-it yourself kit. Basically you understand how trusts work, the actors involved (protector, trustee etc) how to move assets around and timing (it goes over UFTA).

The bankruptcy part needs to be revisited as laws have changed since the publication of this book.